This happens in the growth phase of an industry lifecycle. https://www.investopedia.com/terms/i/industrylifecycle.asp https://www.investopedia.com/terms/i/indu

This happens in the growth phase of an industry lifecycle. https://www.investopedia.com/terms/i/industrylifecycle.asp https://www.investopedia.com/terms/i/industrylifecycle.asp. During the growth phase, investors value companies not based on the money they can make today, but on the money they might make tomorrow. This encourages risk-taking, and results in large amounts of variation in the market. It is followed by maturity, a feature of which is consolidation (incl reduction in choice and variation as the less profitable options are weeded out). Until the next disruption...